RF - Coast Working Capital



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

23 Oct 2020



PSD disclosed:

21 Jul 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Provision of a senior unsecured loan to Studenac d.o.o. (the "company"), the largest food retail chain on the Croatian coast, for the financing of working capital and business development needs.

This project is a part of the Bank's response to the Covid-19 pandemic. To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information. Details of the Bank's response to Covid-19, and this deviation, can be found on our website.

Project Objectives

The loan in the amount of EUR 15m (EUR 10m committed and EUR 5m uncommitted) will be used for financing working capital needs of the company. The financing will help the company to withstand the Covid-19 crisis, deliver its growth plan and preserve the transition impact objectives achieved through existing projects.

Transition Impact

ETI score: 60

TI score: 60

The project will help to preserve the transition impact of existing projects with the company: i) Well-Governed, through contribution to better corporate governance via the implementation of the corporate governance action plan; and ii) Competitive, through operational restructuring leading to improved efficiency.

Client Information


EBRD Finance Summary

EUR 15,000,000.00

Total Project Cost

EUR 15,000,000.00


COVID-19 crisis response - EBRD financing is provided in the extraordinary circumstances of the COVID-19 crisis and effectively increases financial strength of the Company.

Environmental and Social Summary

Categorised B. The operation of supermarkets is associated with a limited number of environmental and social issues which can be readily identified and addressed through appropriate mitigation measures. The Company is an existing client of the Bank, through a number of projects, and performance to date on the management of E&S issues has been largely satisfactory. Through the previous projects, a comprehensive ESAP was agreed covering E&S labour and working conditions and pollution prevention and control. In light of the COVID-19 crisis, some adjustments to the ESAP might be required but this will be done in the context of the review of annual reporting on the existing projects and will continue to provide sufficient coverage of E&S issues for the Company. No additional requirements will therefore be required for this specific project. The Company will be required to continue to comply with the Bank's Performance Requirements and to provide the Bank with annual reporting of E&S issues.

Technical Cooperation and Grant Financing


Company Contact Information

Michal Halwa
+385 (91) 282 8275
Cetvrt Ribnjak 17 21 310 Omis Croatia

PSD last updated

21 Jul 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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